News and Announcements
Matsa Resources Limited’s (ASX: MAT) Red Dog Mine to produce a surplus of $5.4 million
- Published July 18, 2018 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- Matsa Resources Limited’s (ASX: MAT) Red Dog Mine study produces positive results in the indicating gold deposits.
- Matsa will commence mining activities at the Red Dog mine starting in August over a three-month period.
- The mining production is set to produce a cash surplus of $5.4M.
Matsa Resources Limited (ASX: MAT) has reported that their Red Dog gold mine, 25km west of Matsa’s Fortitude Gold Mine, will produce a surplus of $5.4m over a period of 3 months. The cash surplus includes the haulage of gold ore to AngloGold Ashanti Australia’s (AGAA) Sunrise Dam Gold Mine (SGDM) treatment facilities. Mining at the Red Dog Gold Mine will commence as soon as possible without the need to raise additional capital.
With all the statutory and regulation approvals in place, the mining will take place over an 8-9 week period with the recovery of 13,400 ounces of gold. The finalisation of contracts with AGAA and SDGM are underway with an additional two months being added to the schedule to account for haulage and rehabilitation. By conducting further mining on the Red Dog Mine, there is not only the chance to create a low-risk cash surplus but the opportunity to learn about the geological control of the mine to assist with future exploration.
About Matsa Resources Limited (ASX: MAT)
Matsa is an ASX listed explorer/developer who has become a gold producer following the acquisition and development of the Fortitude gold mine. Fortitude forms part of the Lake Carey gold project south of Laverton. Matsa has a pipeline of quality projects within Australia and central Thailand. Matsa has recently acquired the Red October Gold mine near Lake Carey which boosts the mining potential within the area.
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